**Apple CEO Tim Cook to Step Down, Succession Set for September 1**
Apple (NASDAQ: AAPL) announced that CEO Tim Cook will step down effective September 1, 2023, after more than a decade of leadership during which the company’s stock surged nearly 2,000%. Cook took over on August 24, 2011, and his tenure has been marked by the rise of Apple Services, despite a slowdown in product innovation compared to his predecessor, Steve Jobs.
John Ternus, currently Vice President of Hardware Engineering, will replace Cook. Ternus has been with Apple since 2001 and was instrumental in launching key products such as iPads and AirPods. Under Cook’s leadership, Apple has often traded at high price-to-earnings ratios, currently about 35 times earnings, making it one of the most expensive tech stocks compared to peers like Nvidia and Microsoft. Investors and analysts are now assessing how Ternus’s approach might influence the company moving forward.
